Recent balance sheets are provided for Twitter, Incorporated, a global platform for real-time public self-expression and conversation. TWITTER, INCORPORATED CONSOLIDATED BALANCE SHEETS (In thousands, unless otherwise specified) ASSETS 1 Current assets: December 31, 2019 December 31, 2018 Cash and cash equivalents Short-term investments Accounts receivable Prepaid expenses and other current assets Total current assets Property and equipment, net Operating lease right-of-use assets Intangible assets Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued and other current liabilities Operating lease liabilities, short-term Finance lease liabilities, short-term Total current liabilities Notes payable Operating lease liabilities, long-term Finance lease liabilities, long-term Other long-term liabilities Total liabilities Stockholders' equity: Common stock $ 0.000005 par value Additional paid-in capital Retained earnings (accumulated deficit) Total stockholders' equity Total liabilities and stockholders' equity Required: 1. Is Twitter a corporation, sole proprietorship, or partnership? $ 1,799,082 4,839,970 850,184 130,839 7,620,075 1,031,781 697,095 1,311,805 2,042,633 $ 12,703,389 $ 161,148 500,893 146,959 23,476 832,476 2,508,800 609,245 205 48,277 3,999,003 4 8,692,796 11,586 8,704,386 $ 12,703,389 $ 1,894,444 4,314,957 788,700 112,935 7,111,036 885,078 1,272,294 894,164 $ 10,162,572 $ 145,186 1,303,079 68,046 1,516,311 1,730,922 24,394 85,351 3,356,978 4 8,259,663 (1,454,073) 6,805,594 $ 10,162,572 2. Use the company's balance sheet to determine the amounts in the accounting equation (Assets = Liabilities + Stockholders' Equity) at the end of the most recent year. 3. Calculate the company's current ratio on December 31, 2019, and on December 31, 2018. 4. Prepare the journal entry the company will make in 2020 when it pays its 2019 accounts payable due at year-end. 5. Does the company appear to have been profitable over its years in business?